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| July 11, 2017 |
Year 10 Volume 7 Issue 4
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Good afternoon all -
After a mere three months,
Industrial Opportunity Partners
, our neighbors in Evanston, has closed the firm's third fund at the hard cap of $450 million. The new fund's original target was $400 million. Park Hill Group was the placement agent for this fundraise.
No portfolio companies for Fund III yet, but Fund I has had 11 platforms, seven add-ons, and seven exits while Fund II has notched 11 platforms, two add-ons and two exits. IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $350 million. Congrats to the entire team at IOP.
A popular read yesterday was our feature article
"Waking Up to Cybercrime: The Real Risk to Private Equity" written by
Jason Lawrence, the IT Director and Group Information Security Officer at
Augentius, one of the largest private equity administrators in the world. If you missed this article the link is down below.
Another big read from yesterday was
H.I.G
.'s buy of
BIC Graphic North America
- the US ad specialties unit of
Société BIC SA
. Yes, that BIC, the inventor of the disposal pen. BIC Graphic, with sales over $300 million, is one of the largest suppliers in the promotional products industry, specializing in customized writing instruments, hard goods and calendars. The company has tens of thousands of distributor customers and three manufacturing facilities across the United States and a product sourcing operation in Hong Kong. Looks like a cool company.
Have a great day everyone.
Publisher
Private Equity Professional
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Today's News and Transactions
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IOP Hits Fund III Hard Cap
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Industrial Opportunity Partners (IOP) has closed its third fund, Industrial Opportunity Partners III, LP, with $450 million of committed capital. The new fund held a single close on June 30, 2017, and hit its hard cap after a three-month fundraising process. The original target for the fund was $400 million...Read More
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WILsquare Acquires Walcro
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WILsquare Capital has acquired Walcro, a Midwest-based distributor of flooring installation products. Walcro is one of the oldest installation supply distributors in the United States. The company - with more than 5,000 SKUs sourced from more than 100 vendors - distributes tools, supplies, accessories and building products that are used in the installation of carpet...Read More
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Audax Buys EnviroVac from RLJ
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Audax Private Equity has acquired EnviroVac, a provider of industrial cleaning and maintenance services, from RLJ Equity Partners. EnviroVac is a provider of industrial cleaning and maintenance services. The company utilizes high-pressure washing and vacuum equipment to service companies operating in the pulp and paper, chemical, steel, oil and gas, and power industries. EnviroVac often...Read More
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Z Capital Group has hired Benjamin Webster as a new Managing Director. He is responsible for investor development for the firm's private equity and credit funds and is based in Z Capital's suburban Chicago office. Mr. Webster joins Z Capital from BlackRock, where he most recently served as Director of the firm's Institutional Client Business. He began working at...Read More
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Important News You Might Have Missed
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Waking Up to Cybercrime: The Real Risk to Private Equity
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Cybercrime is one of the most serious threats currently facing financial services firms. Yet, while the risk is also present for private equity funds, the level of recognition towards the threat is notably absent in this sector. So why is this? It appears to be due to a prevailing misconception that cybercriminals do not have sufficient understanding of how funds operate and that many are...Read More
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H.I.G. Capital has acquired BIC Graphic North America and its affiliated Asia sourcing operations from Société BIC SA. BIC Graphic, with sales over $300 million, is one of the largest suppliers in the promotional products industry, specializing in customized writing instruments, hard goods and calendars. The company has tens of thousands of distributor customers and...Read More
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Wind Point Buys Ultra Environmental
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Valicor Environmental Services, a provider of non-hazardous wastewater treatment services and a portfolio company of Wind Point Partners, has acquired Ultra Environmental Services. Ultra Environmental collects and processes non-hazardous industrial wastewater in the Midwest area of the US. According to Wind Point, the addition of Ultra's wastewater pretreatment facility in Burlington...Read More
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Pelican Energy Partners has sold Multilift Wellbore Technology, a provider of downhole sand management tools associated with electric submersible pumps and other artificial lift systems, to Johnson Specialty Tools. Pelican invested in Multilift in April 2015 to provide the company with growth capital to expand its market and product offering. Pelican also has an equity...Read More
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Dubin Clark Exceeds Target
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Middle market investor Dubin Clark & Company has closed its second fund, DCCP Fund II, LP. The new fund was oversubscribed and exceeded its $100 million target. Limited partners in the new fund include endowments, pensions, insurance companies, fund-of-funds, family offices, and high-net-worth...Read More
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TPG Acquires Blue Man Group
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Cirque du Soleil, a producer of live artistic entertainment and a portfolio company of TPG since April 2015, has agreed to acquire Blue Man Productions from Chris Wink, Phil Stanton, and the GF Capital Private Equity Fund. Blue Man Group was created in 1991 by three long-time friends from New York City: Chris Wink, Phil Stanton, and the GF Capital Private Equity Fund...Read More
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Swander Pace Capital has sold Lavo, a manufacturer and marketer of laundry detergent, household cleaners, fabric softeners and bleach, to KIK Custom Products, a portfolio company of Centerbridge Partners since July 2015. Swander Pace acquired Lavo in July 2008 and today, according to the firm, Lavo is the leading independent manufacturer and marketer of laundry...Read More
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White Wolf Adds to Staffing Platform
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NSC Technologies, a portfolio company of White Wolf Capital since November 2016, has acquired Superior Resource Group (SRG), a provider of contract engineering services, such as skilled trades staffing and direct placements, to a range of clients in a variety of industries. NSC provides staffing and workforce management services - including both direct hires and...Read More
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Ashland Buys Boccella Precast
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Ashland Capital Partners has acquired Boccella Precast, a manufacturer of structural precast concrete products. Boccella's pre-stressed hollow core concrete plank products are used predominantly in the Northeast and Mid-Atlantic regions of the United States, with a focus on the New York City market. The company's products are used in a variety of applications including the...Read More
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Wind Point Closes Fund VIII
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Wind Point Partners has held a final closing of its eighth fund, Wind Point Partners VIII, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and marks the largest fund closing in Wind Point's history. The strategy for Fund VIII is consistent with the firm's earlier funds and will focus on partnering with...Read More
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Stellex Closes First Fund
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Middle market private equity firm Stellex Capital Management has closed its debut fund, Stellex Capital Partners LP, at $870 million, exceeding its $750 million target. Stellex invests from $25 million to $100 million per transaction in companies experiencing some form of financial, operational or industry-driven distress. Target companies will typically have...Read More
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Emerald Transformer, a division of Versatile Processing Group, an Insight Equity portfolio company, has agreed to acquire the Transformer Services Group of publicly-traded Clean Harbors. Clean Harbors' Transformer Services Group (TSG) provides specialty on-site transformer services such as transformer sampling, retrofitting and retrofilling, recycling, reclaiming and disposing of...Read More
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Yellow Wood Sells PDC to CVC
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Yellow Wood Partners has sold its portfolio company PDC Brands, a collection of beauty, personal care, and wellness brands, for just over $1.4 billion to CVC Capital Partners. PDC Brands maintains a portfolio of many category-leading brands across the wellness, haircare, beauty & cosmetics, fragrance, bath & body, and salon professional markets. Company owned brand...Read More
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Monomoy to Buy West Marine
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West Marine, an omni-channel specialty retailer, has signed an agreement to be acquired by Monomoy Capital Partners for $12.97 per share in cash which represents a total equity value of $338 million. West Marine (NASDAQ:WMAR) is the largest specialty retailer of boating supplies and accessories, with more than 260 stores located in 38 states and...Read More
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Jacuzzi Acquires Hydropool and BathWraps
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Jacuzzi Brands, a portfolio company of Ares Management, Clearlake Capital Group and Apollo Global Management, has completed two acquisitions with the buys of Hydropool Hot Tubs and Swim Spas (Hydropool) and BathWraps. Hydropool is a manufacturer and seller of swim spas and hot tubs and is considered to be the largest hot tub manufacturer outside...Read More
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Platte River Closes at Hard Cap
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Platte River Equity has held a final close of its fourth private equity investment fund, Platte River Equity IV, LP, at its hard cap of $625 million. Fundraising for the new fund began in March 2017 with an initial target of $550 million. The firm's earlier fund, Platte River Equity III, LP, was raised in 2012 and had committed capital of $405 million...Read More
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Baird Beats Target on Newest Fund
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Baird Capital - the direct investment arm of Robert W. Baird & Co. - has held a final close of Baird Capital Global Fund I DE, LP with $310 million in committed capital, exceeding the original target of $300 million. The new fund invests in lower middle-market companies in the technology and services, healthcare, and...Read More
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KLH Invests in Premiere Seals
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KLH Capital has made an investment in Premiere Seals. The founders of the company - Gail and Robin Selby - partnered with KLH in a recapitalization to create a partial liquidity event while also providing the company with a new partner and capital structure to support the company's future growth plans. Premiere Seals is a...Read More
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Wynnchurch Acquires Stampede Meat
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Wynnchurch Capital has acquired Stampede Meat, a provider of portioned, marinated and cooked beef, chicken, and other protein products. The seller was Fairmont Capital which acquired a controlling interest in the company in April 2007 from the company's founders. Customers of Stampede include national restaurant chains, quick service restaurants, foodservice distributors, home delivery networks and...Read More
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Anna Kovalkova Promoted to Partner
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Pharos Capital Group has announced that Anna Kovalkova has been promoted to Partner. Ms. Kovalkova is based in the firm's Nashville office and was most recently a Principal. She joined Pharos Capital Group in May 1998. Ms. Kovalkova is responsible for leading the evaluation, due diligence and execution of investments as well as for overseeing portfolio companies...Read More
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Platte River Acquires MFG Chemical
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Platte River Equity has acquired MFG Chemical, a custom and toll manufacturer of specialty chemicals, in partnership with the company's founding family and management team. Platte River invested out of its 2012 vintage $405 million third fund, Platte River Equity III, LP, to acquire MFG. MFG is a specialty chemical manufacturer of polymers, surfactants...Read More
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Kellstrom Buys Vortex Aviation
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Kellstrom Aerospace Group, a portfolio company of AE Industrial Partners since April 2015, has acquired Vortex Aviation, a provider of aircraft-on-ground (AOG) on-wing engine maintenance services and engine repairs. Vortex' customers include major airlines, MROs, and military and government agencies and the company services all major commercial aircraft engine platforms. Vortex is led by its...Read More
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Intervale Buys Pro Oil & Gas Services
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Energy-focused Intervale Capital has acquired Pro Oil & Gas Services (PRO), a provider of completion and drilling services. Proceeds from Intervale's investment were used to repay indebtedness and provide capital to fund various growth initiatives. PRO's services include wireline, pumping, flowback, frac stacks, wireline lubricators and pressure control, surface drilling, chemical mixing plants, and torque...Read More
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Prospect Partners has acquired QMI Security Solutions in partnership with the company's management team. QMI is a manufacturer of exterior and interior physical security and protection products used in commercial and residential applications. The company's products - which are used to deter retail break-ins, prevent theft, and protect against storms - include rolling shutters for...Read More
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Gemspring Capital has acquired Therma Corporation, a specialty HVAC mechanical contractor. Therma Corporation specializes in complex HVAC, high purity process piping, and process controls for cleanrooms, laboratories and high-tech manufacturing facilities. Customers of Therma include general contractors, construction managers and owners in the technology, biopharmaceutical, data center and...Read More
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Rockbridge Acquires Kings III
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Rockbridge Growth Equity has acquired Kings III Emergency Communications, a provider of emergency monitoring services to building owners and property managers. Kings III provides turnkey emergency monitoring services for building owners and property managers including hardware, installation, monitoring and maintenance services for its on-site emergency phones. The company's services...Read More
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Lynx Equity has acquired G&W Commercial Interiors, a provider of commercial flooring and related services, from its founders James Gravalis and Steve Woodman. Since its founding in 2000, G&W Commercial Interiors has been providing its Pacific Northwest customers - such as assisted living & nursing facilities; health & fitness clubs; hospitals, labs & clinics; manufactures...Read More
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Hilltop and KCB Acquire Spiral Binding
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Hilltop Private Capital and KCB Private Equity have acquired Spiral Binding, a manufacturer and distributor of print finishing and binding products. The existing shareholders of Spiral will remain as investors in the company and will continue to manage the business. Spiral Binding is a manufacturer and distributor of print finishing, graphic arts, and presentation products...Read More
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Global Environment Fund has acquired GRO-WELL Brands, a maker of natural and organic lawn and garden products. According to the company, GRO-WELL is the Southwest's largest green waste, wood and food waste recycler. The company uses a proprietary composting process to make its organic garden products including soils, compost, mulch and wood chips from locally sourced...Read More
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Kinderhook Exits Dispensing Dynamics
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Kinderhook Industries has sold its portfolio company Dispensing Dynamics International (DDI) to Hunter Industries. Kinderhook acquired DDI in May 2007. Dispensing Dynamics International is a provider of both proprietary and standard plastic injection molded paper towel, tissue, soap, and air care dispensers for the away-from-home washroom industry. DDI is a supplier to some of world's...Read More
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Hellman & Friedman Acquires SnapAV
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Hellman & Friedman has agreed to acquire SnapAV, a supplier in the rapidly growing connected home sector, from General Atlantic which invested in the company in June 2013. SnapAV manufactures and sells audio/video, security, networking, and automation products to residential and commercial AV, security and technology integrators. The company has approximately 2,700 SKUs that are...Read More
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Sverica Capital Management, in partnership with Ross Beattie and Gerry Lawless, have acquired iWave Information Systems from its owner Jamie Hill. This acquisition marks Sverica's third investment made from its fourth fund. iWave is a Software as a Service (SaaS) company that offers fundraising intelligence to healthcare, education, and non-profit organizations. iWave provides access to...Read More
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LLR Partners Invests in 3SI
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LLR Partners has acquired 3SI Security Systems, a provider of asset protection systems used in the financial, retail, cash-in-transit and law enforcement markets to recover stolen cash and high-value assets (jewelry, pharmaceuticals, and consumer electronics), apprehend criminals and deter crime. 3SI's products and services protect more than 250,000 client locations worldwide and include GPS tracking...Read More
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Inverness Graham Promotes Three
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Inverness Graham, an investor in manufacturing, technology and services companies, has promoted Chris Frystock to Vice President; Matt Moran to Principal, Head of Business Development; and Sean Dougherty to Vice President, Executive Partnerships & Direct Sourcing. "We pride ourselves on our promote from within approach and continuous improvement culture...Read More
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Fort Washington Beats Target
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Fort Washington Capital Partners Group (FW Capital) has held a final closing of its ninth private equity fund-of-funds, Fort Washington Private Equity Investors IX, LP, and its parallel vehicles. FW Capital is the institutional private equity division of Fort Washington Investment Advisors which in turn is a wholly-owned subsidiary of The Western and Southern Life Insurance...Read More
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Glencoe Acquires Specialty Food Maker
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Glencoe Capital Management has acquired Robert Rothschild Farm, a food maker specializing in gourmet sauces, dips and spreads. Robert Rothschild Farm was founded by Bob and Sara Rothschild and has been active in the premium specialty food market since 1984. The company's brands include Robert Rothschild Farm, Robert Rothschild Farm Fresh, Game Day Gourmet...Read More
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Tricor Acquires Saxon Chocolates
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Tricor Pacific Founders Capital has acquired Saxon Chocolates, a maker of fine Belgian chocolate and a variety of other confectionery products. Saxon Chocolates is a manufacturer of packaged premium chocolates. The company can create custom programs that can vary from simple label changes to the development of complete flavor profiles or products, packaging and graphic...Read More
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Tech Air Buys Angelus Welding
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Tech Air, a portfolio company of CI Capital Partners, has acquired Angelus Welding, a distributor of welding and industrial supplies, and industrial gases. This is the 22nd add-on acquisition completed by Tech Air since being acquired by CI Capital in December 2010. Angelus Welding was founded in 1947 and is one of the oldest distributors of industrial gases in Los Angeles...Read More
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Alpine Hits Fund VI Hard Cap
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Alpine Investors has held a final close of its sixth fund, Alpine Investors VI, LP, at its hard cap with $532 million of capital commitments. Alpine specializes in investing in high growth, founder-owned, lower middle market companies in the software and business services sectors. Typical targets will have from $5 million to $15 million of EBITDA. Since founding in 2001...Read More
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New PE Firm Launched in Chicago
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HC Technologies, a Chicago-based financial trading firm, has today launched a new private equity arm, HC Private Investments (HCPI). HCPI will make investments between $5 million and $25 million in lower-middle market manufacturing companies ranging in size from $10 to $100 million in enterprise value. Sectors of interest include...Read More
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CCMP and MSD to Acquire Hayward
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Hayward Industries has entered into an agreement to be acquired by CCMP Capital Advisors, MSD Partners, and Alberta Investment Management Corporation. The transaction is expected to close in the third quarter of 2017. Hayward Industries is a manufacturer of residential and commercial pool equipment and industrial flow control products. The company's products include pool and...Read More
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